Eurozone Unemployment Crisis: Continued Rise in Joblessness

June 1st, 2013

According to Eurostat, the agency compiling data for the 17-member European Monetary Union, unemployment throughout the Eurozone continued to rise, reaching 12.2 percent in April. In the worst afflicted Eurozone economies, the overall unemployment rate is well above 20 percent, with youth unemployment in some cases exceeding 40 percent, such as in Italy.

Even if the Eurozone were to magically transition to high rates of economic growth, it would take years to reduce the level of joblessness to levels that existed prior to the onset of the global economic crisis. However, such a miracle is not in the works. All the leading prognosticators, including the IMF, project tepid growth at best, with several major economies in the Eurozone remaining in recession. While pressure grows on the ECB (European Central Bank) to engage in more quantitative easing, the politicians remain impotent in the face of continued economic malaise and stagnation.

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